Eldorado Gold (ELD.TO) has returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report after jumping 42 spots yesterday and 94 spots in the last week.
Eldorado Gold (ELD.TO) has come under renewed accumulation in the last few days, snapping out of a short-term correction, advancing on increasing volume, clearing $16.00 and advancing toward the top of a $13.00 to $17.50 trading range. A breakout over $17.50 would signal the start of a new upleg with next potential resistance near $19.00, the $20.00 round number and $21.00 on trend, based on a series of measured moves. Initial support appears near $16.00, a recent breakout point.
Building on a recent bullish Triple Top breakout, Eldorado Gold (ELD.TO) broke through $16.75 to a new 52-week high yesterday, completing a bullish Spread Double Top and signaling the start of a new upleg. Next potential resistance appears in the $19.60 to $20.05 area where two horizontal counts and a round number converge, followed by $21.65 based on a vertical count. Initial support appears near $15.80 based on a 3-box reversal.
With a perfect SMAX score of 10, ELD.TO is exhibiting near-term strength across the asset classes.
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